indrefs.com

Sign in with Facebook
Sign in with Facebook
Welcome, Guest
Username: Password: Remember me

TOPIC: Selling of a mortgaged property

Selling of a mortgaged property 9 months 6 days ago #8473

Hi friends, i currently stay abroad and parents are selling a house back in India. The house is currently in mortgage and the agent says:
1. Do stamp duty registration (paid by buyer)
2. Register the Sale Deed
3. Received a DD of initial amount
4. Buyer the submits registered sale deed to his bank and then bank proceeds to get NOC and other docs from the society
5. All verified bank proceeds to the other bank who has the original house docs and then settles the remaining loan amount and pays the remaining to the us.

During step 1-3 there will be MOU between my parents and the buyer stating the house posession states with them until the remaining amount is paid.

Can you please advice if this is correct?
  • Mohd
  • Mohd's Avatar
  • OFFLINE
  • Fresh Boarder
  • Posts: 1
  • Karma: 0
The administrator has disabled public write access.

replyhave something to say register login button



Selling of a mortgaged property 9 months 6 days ago #8474

This process sounds good to me. However, make sure that you also mention the pending amount in sale agreement and register the same in the registrar's office. This will ensure that the buyer will definitely pay the amount.
  • Krishna
  • Krishna's Avatar
  • OFFLINE
  • Moderator
  • There is nothing stronger than the power of inform
  • Posts: 3328
  • Thank you received: 141
  • Karma: 17
Krish
Moderator
www.indrefs.com

Ensure that you get professional help! My inputs are just guidelines!

For questions on how to post in the forum , click here
The administrator has disabled public write access.

replyhave something to say register login button

Time to create page: 0.493 seconds

Latest News

How to apply for Property Card Online
23 May 2017 19:38 - Krishna

As a to be landowner, I am sure that you would like to know about the process for applying for prope [ ... ]

How to verify online whether the land that you are...
23 May 2017 18:32 - Krishna

Investing in land is a huge investment and one that needs to be carefully done. A lot of planning ar [ ... ]

Have you purchased a house in your relative's name...
14 May 2017 19:36 - Krishna

The Mumbai Income tax Tribunal has ruled that if someone ahs entirely invested in a property, then t [ ... ]

Use date of allotment to calculate capital gains
14 May 2017 19:02 - Krishna

Taxpayers have always been confused about how to calculate capital gains. Income Tax (IT) determines [ ... ]

5 ways to make sure property that you are purchasi...
08 May 2017 16:11 - Krishna

When buying a property, it is important to check whether the property is legal. People use multiple  [ ... ]